Dyax Corp. and CVie Therapeutics Announce Partnership to Develop and Commercialize KALBITOR® (ecallantide) for Hereditary

  Dyax Corp. and CVie Therapeutics Announce Partnership to Develop and
  Commercialize KALBITOR® (ecallantide) for Hereditary Angioedema (HAE) and
  Other Angioedema Indications in China, Hong Kong and Macau

Business Wire

BURLINGTON, Mass. & HONG KONG -- February 7, 2013

Dyax Corp. (NASDAQ: DYAX), a developer of novel biotherapeutics for unmet
medical needs, and CVie Therapeutics (CVie), a subsidiary of Lee’s
Pharmaceutical Holdings Ltd., announced today a strategic partnership for the
development and commercialization of KALBITOR^® (ecallantide) in the treatment
of hereditary angioedema (HAE) and other angioedema indications in China, Hong
Kong and Macau. KALBITOR is currently marketed in United States for the
treatment of acute attacks of HAE in patients 16 years of age and older.

Under the terms of the exclusive license agreement, Dyax will receive an
upfront payment and is eligible to receive future development, regulatory and
sales milestones. Dyax is also eligible to receive royalty on net product
sales. CVie is solely responsible for all costs associated with development,
regulatory activities, and the commercialization of KALBITOR in China, Hong
Kong and Macau. Additionally, CVie will purchase drug product from Dyax on a
cost-plus basis for commercial supply.

"Our partnership with CVie is another milestone in our effort to expand the
global development and commercialization of KALBITOR, and to reach HAE
patients in need around the world,” said Gustav Christensen, President and
Chief Executive Officer of Dyax Corp. “If approved, KALBITOR would become the
first novel therapy available for HAE in China, where presently only steroids
are used. We are pleased to have secured a new partnership for KALBITOR in
this region, and look forward to working with CVie toward its
commercialization."

“KALBITOR is an important addition to our portfolio of products focused on the
treatment of patients with rare diseases,” commented Dr. Benjamin Li, Chief
Executive Officer of CVie. “As a novel therapeutic for acute HAE attacks, we
anticipate that KALBITOR will allow us to provide a far more comprehensive
disease management solution than is currently offered to HAE patients in
China.”

About Dyax

Dyax is a fully integrated biopharmaceutical company focused on the discovery,
development and commercialization of novel biotherapeutics for unmet medical
needs. The Company’s key value drivers are the KALBITOR^® (ecallantide)
business and the angioedema portfolio, as well as the Licensing and Funded
Research Program (LFRP).

Dyax developed KALBITOR on its own and, since February 2010, the Company has
been selling it in the United States for the treatment of acute attacks of
hereditary angioedema (HAE) in patients 16 years of age and older. Outside the
United States, the Company has established partnerships to obtain regulatory
approval for and commercialization of KALBITOR in certain markets and is
evaluating opportunities in others.

The Company is currently developing products to expand its angioedema
portfolio, including diagnostic strategies to identify plasma kallikrein
(bradykinin) mediated (PKM) angioedema and a therapeutic candidate, DX-2930,
for the prophylactic treatment of HAE and PKM angioedemas.

KALBITOR and DX-2930 were identified using Dyax’s patented phage display
technology, which rapidly selects compounds that bind with high affinity and
specificity to therapeutic targets. Dyax leverages this technology broadly
through the LFRP. This program has provided the Company a portfolio of product
candidates being developed by its licensees, which currently includes13
royalty and/or milestone bearing product candidates in various stages of
clinical development, including three in Phase 3 trials.

Dyax is headquartered in Burlington, Massachusetts. For additional information
about Dyax, please visit www.dyax.com.

About CVie

CVie is a joint venture between Lee’s Pharmaceutical Holdings Ltd. and a U.S.
venture capital firm and is a standalone drug development company specialized
in cardiovascular diseases. CVie owns two phase II assets that target
cardiovascular disease with significant unmet medical need. In its first day
of operation, CVie has successfully filed to the SFDA the application for a
global Phase IIb clinical study (Protocol No. CVT-CT-1207-001) in China for
one of its portfolio products Rostafuroxin. The study aims to using
pharmacogenomic approach to evaluate the antihypertensive effect of different
doses of Rostafuroxin in comparison with LosartanR, assessed by office and
ambulatory blood pressure monitoring in a hypertensive population. It is
expected to initiate the clinical trial respectively in Italy at Q4 2012 and
in China at Q3 2013.

About Lee’s Pharmaceutical Holdings Limited

Lee's Pharmaceutical Holdings Limited is a research-based biopharmaceutical
company listed in Hong Kong with over 19 years operation in China's
pharmaceutical industry. It is fully integrated with strong infrastructures in
drug development, manufacturing, sales and marketing. It has established
extensive partnership with over 20 international companies and currently has
14 products in the market place. Lee's focuses on several key disease areas
such as cardiovascular, oncology, gynecology, dermatology and ophthalmology.
Lee's development program is lauded with 30 products stemming from both
internal R&D efforts and collaborations with US, European and Japanese
companies and aspiring to combat diseases such as liver cancer and pulmonary
hypertension. The mission of Lee's is to become a successful biopharmaceutical
group in Asia providing innovative products to fight diseases and improve
health and quality of life. Additional information about Lee's Pharmaceutical
is available at www.leespharm.com.

Dyax Disclaimer

This press release contains forward-looking statements, including statements
regarding the prospects for therapeutic benefits and treatment advantages of
KALBITOR for HAE. Statements that are not historical facts are based on Dyax's
current expectations, beliefs, assumptions, estimates, forecasts and
projections about the industry and markets in which Dyax competes. The
statements contained in this release are not guarantees of future performance
and involve certain risks, uncertainties and assumptions, which are difficult
to predict. Therefore, actual outcomes and results may differ materially from
what is expressed in such forward-looking statements. Important factors which
may affect the expected benefits of Dyax's collaboration with CVie include the
risks that: Dyax's future benefits from this collaboration will depend on the
efforts and priorities of CVie, which may be subject to changes in CVie's
business direction or priorities; KALBITOR may take longer to gain regulatory
approval and market acceptance in China, Hong Kong and Macau than Dyax or CVie
expects or may never gain such approval or acceptance; products other than
KALBITOR may be approved or gain market acceptance before KALBITOR; and other
risk factors described or referred to in Item 1A, "Risk Factors" in Dyax's
most recent Annual Report on Form 10-K and other periodic reports filed with
the Securities and Exchange Commission. Dyax cautions investors not to place
undue reliance on the forward-looking statements contained in this release.
These statements speak only as of the date of this release, and Dyax
undertakes no obligations to update or revise these statements, except as may
be required by law.

Dyax, the Dyax logo and KALBITOR are registered marks of Dyax Corp.

Contact:

Dyax Corp.
Jennifer Robinson, 617-250-5741
Associate Director,
Investor Relations and Corporate Communications
jrobinson@dyax.com